Spurned in their efforts to trade for Carmelo Anthony, the Nets used some of the pieces said to be part of the proposed deal with Denver to pick up Williams, who can become a free agent in the summer of 2012. The first-round picks the Nets gave up are their own this summer and a 2012 selection they acquired from Golden State, while reports indicate the team will also send the Warriors $3 million in cash.

"We are very excited to add a player the caliber of Deron Williams to our roster," said Nets general manager Billy King. "He is one of the premier point guards in the NBA, and his skill and talent level will bolster our franchise as we continue to build towards our goal of becoming a championship-caliber team."

Williams had a combustible relationship with former Jazz coach Jerry Sloan, who resigned on February 10 amid rumors that one or the other wouldn't remain in Utah. Now, both are gone.

In his sixth NBA season, all with Utah, Williams was an All-Star this year for the second time. He is averaging 21.3 points, 9.7 assists and 3.9 rebounds in 53 games this season.

The 26-year-old Illinois product has career averages of 17.3 points and 9.1 assists in 439 NBA games, 406 of which have been starts. He's helped the Jazz to the playoffs four times and owns averages of 21.1 points and 9.6 assists in 44 postseason games.

Harris is being dealt before the deadline for the second time in his career. He was part of the package the Nets acquired from Dallas on February 19, 2008 in the deal that sent Jason Kidd to the Mavericks.

In 54 games this season, the Wisconsin product has averaged 15.0 points with a career-high 7.6 assists. He has averaged 13.2 points and 5.0 assists in 463 NBA games, and was an NBA All-Star in 2009.

Favors was selected by the Nets with the third overall pick of the 2010 NBA Draft. The Georgia Tech product has started 23 of the 56 games he has played this season and is averaging 6.3 points with 5.3 rebounds.

Yahoo! Sports also reported that the Nets have swung a second deal involving the Golden State Warriors, who will send forwards Brandan Wright and Dan Gadzuric to New Jersey for forward Troy Murphy.

Wright, in his third year out of North Carolina, has appeared in just 21 games this season -- all but one off the bench -- and is averaging 4.0 points with 2.0 rebounds, while Gadzuric, in his first year with Golden State after eight seasons in Milwaukee, is averaging 2.8 points with 3.1 rebounds in 28 games.

Murphy will head back to Golden State, where he spent the first five-plus seasons of his NBA career. The 10th-year veteran from Notre Dame also played for Indiana before joining the Nets this season and was averaging 3.6 points in 18 games for New Jersey.